When A $70 Million Salary Just Isn't Enough
I think I have pretty high standards. Mark McGoldrick is off the charts….at least when it comes to money. Unfortunately, I am puzzled as to how someone who seems to have it all, can still not realize that wealth and happiness are not perfectly correlated.
Mark works in the world of high-finance, at one of the most prestigious firms in his field. He is by definition a trader, but unlike many traders who operate using sophisticated mathematical models, he focuses on buying severely distressed assets, and later selling them for substantial profit.
He is so good that Goldman Sachs paid him $70 Million in total compensation….for a single year. Yet, he feels robbed. So much so, that is leaving his current firm to start his own gig. The funny thing is, as outlandish as this salary might seem, top hedge fund or private equity financiers make this much or in many cases, much more.
What is truly odd, is that it appears <from the article at least, I do not know Mark or know anyone who does> as if he is a walking basket case. He is working 21 hours a day, worked through a hacking cough for 6 months due to bronchitis (no doubt brought on by stress and lack of sleep), gained weight and probably is suffering in many areas of his life outside of his bank account.
“Around the same time, Mr. McGoldrick got sick. Frequently on the phone or on an airplane, he developed severe bronchitis, with a hacking cough. He couldn’t get through a phone call without throat lozenges for 100 consecutive days, a person familiar with the matter says. He visited his doctor in London, who ordered him to change his grueling lifestyle.“
I admire Mark’s ability to achieve results and capitalize on opportunities; but would never ever want a life that was pushed this close to the edge. I hope that his new gig gives him the freedom <and courage?> to adopt new standards for working…that help him not only successfully ply his trades, but provide a platform for him to bring his health and work-life balance back into order….and keep it that way.
